| Commentary

198 Members’ voluntary winding up

| Commentary

3: MEMBERS’ VOLUNTARY WINDING UP

198 Members’ voluntary winding up

A member’s voluntary winding up takes place where the company is solvent, and the creditors will be paid in full. The distinction between the two types of voluntary winding up is given statutory effect in the Insolvency Act 1986 which provides that a winding up in the case of which a directors’ statutory declaration under the Insolvency Act 1986 Section 89has been made is a ‘members’ voluntary winding up’; and a winding up in the case of which such a declaration has not been made is a ‘creditors’ voluntary

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